Mar 31, 2015
The directors take great pleasure in submitting Twenty Third Annual
Report of the company on the business and operations of the company
along with Audited Financial Statements for the financial year ended
March 31, 2015.
FINANCIAL RESULTS
The financial highlights of the company in the financial year 2014-15
as compared to the previous year are tabled below for your
consideration:
Amount in (Rs. Lacs)
PARTICULARS CURRENT PREVIOUS
YEAR YEAR
Sales 36.00 36.30
Other Income 2.03 2.36
Profit (Loss)/before extraordinary
Items and tax 10.70 10.40
Less extraordinary items - -
Profit/(loss) before tax 10.70 10.40
Dividend Nil Nil
PERFORMANCE OF THE COMPANY
The Directors of the company shall continue their endeavor to further
improve the trend of growth in the coming years.
AUDITORS
Pursuant to the provisions of section 139 of the Companies Act, 2013
and the Rules framed there under, M/s. S.P. Monga & Co., Chartered
Accountants, were appointed as statutory auditors of the Company from
the conclusion of the 22nd Annual General Meeting (AGM) of the Company
held on 20th September 2014 till the conclusion of the Twenty Fifth AGM
to be held in the year 2017, subject to ratification of their
appointment at every AGM.
DIRECTORS
The Board of Directors appointed Mrs. Kiran Duggal as Additional
Director of the Company, with effect from 6th February 2015. The
resolutions seeking approval of the members for the appointment of Mrs.
Kiran Duggal have been incorporated in the notice of the forthcoming
annual general meeting of the company. The company has received a
notice under section 160 of the Act proposing the appointment of Mrs.
Kiran Duggal.
As per section 149(4) of the Companies Act, 2013 (Act), which came into
effect from April 1, 2014, every listed company is required to have at
least one-third of the total number of directors as Independent
directors. In accordance with the provisions of section 149 of the Act.
Mr. Ashok Juneja and Mr. Vinay Aggarwal were appointed as independent
Directors at the annual general meeting of the company held on 20th
September 2015. The terms and conditions of appointment of independent
directors as per Schedule IV of the Act. They have submitted a
declaration that each of them meets the criteria of independence as
provided in Section 149(6) of the Act and there has been no change in
the circumstances which may effect their status as independent director
during the year.
Mr. Vinod Bansal, Director, retires by rotation and being eligible has
offered himself for re-appointment.
DIRECTOR'S RESPONSIBILTY STATEMENT
Pursuant to clause (c) of the provisions of Section 134(3) of the
Companies Act, 2013, the Directors hereby confirm the responsibility
for the integrity and objectivity of the Profit & Loss Account for the
year ended 31st March, 2015 and the Balance Sheet as at that date
("Financial Statements") and confirm that:
1. In the preparation of the annual accounts for the year ended March
31, 2015 the applicable accounting standards read with requirements set
out in the Companies Act, 2013 have been followed and there are no
material departures from the same.
2. We have selected such accounting policies that are reasonable,
prudent and applied them consistently and made judgments and estimates
so as to give a true and fair view of the state of affairs of the
company as at March 31st, 2015 and of the profit of the company for the
year ended on that date.
3. We have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 2013 for safe guarding the assets of the company and for
preventing and detecting fraud and other irregularities.
4. We have prepared the annual returns of the company on a going
concern basis.
5. We have laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and were
operating effectively.
6. We have devised proper systems to ensure compliance of all
applicable laws and that such systems were adequate and operating
effectively.
Based on the framework of internal financial controls and compliance
systems established and maintained by the Company, work performed by
the internal, statutory and secretarial auditors the reviews performed
by management and the relevant board committees, including the audit
committee, the board is of the opinion that the Company's internal
financial controls were adequate and effective during the financial
year 2014-15.
AUDITORS' REPORT AND SECRETARIAL AUDITORS' REPORT
The auditors' report and secretarial auditors' report does not contain
any qualifications, reservations or adverse remarks. Report of the
secretarial auditor is given as an annexure which forms part of this
report.
REGISTRATION WITH RESERVE BANK OF INDIA AS NBFC
The company is registered with the Reserve Bank of India as a NBFC
within the provisions of the NBFC (Reserve Bank of India) Directions,
1998.
INFORMATION PURSUANT TO THE PROVISIONS OF PARA 10 OF NON-BANKING
FINANCIAL COMPANIES (RBI) DIRECTIONS, 1977
Neither the Company has accepted any Public Deposits during the year
nor the Company is holding prior Public Deposits, therefore the
information called for is not applicable.
FIXED DEPOSITS:
Company has not accepted any deposits within the meaning of Section 73
of the Companies Act, 2013 and the Companies (Acceptance of Deposits)
Rules, 2014.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORBTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The company is a NBFC, therefore the information with regard to
conservation of energy, technology absorption as required by the
Companies (Accounts) Rules, 2014 relating to conservation of energy and
technological absorption do not apply and hence no disclosure is being
made in this report.
RISK MANAGEMENT
As per the Companies Act, 2013 and Listing Agreement that the company
has laid down procedures to inform board members about the risk
assessment and minimization procedures. The board annually discusses
the significant business risks identified by the management and the
mitigation process being taken up. Further, a risk management committee
comprising senior management is in place for review of risk management
on a periodical basis, the summary of decisions of which shall be
reviewed by the business committee on a periodical basis. A detailed
note on the risk identification and mitigation is included in
management discussion & analysis, annexed to the director's report.
CORPORATE GOVERNANCE REPORT, MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The company has strictly followed and practiced the well-defined
Corporate Governance policies in the interest of all stakeholders and
is committed to maintain the standards of corporate governance. Towards
this end the company has been fair, transparent, accountable and
efficient at all levels.
As per clause 49 of the Listing Agreements entered into with the Stock
Exchanges, Corporate Governance Report with auditors' certificate
thereon and Management Discussion and Analysis are attached and form
part of this report.
NUMBER OF BOARD MEETINGS
The Board met Four times during the Financial Year, the details of
which are given in the Corporate Governance Report that forms part of
this Annual Report. The Intervening gap between any two meetings was
within the period prescribed by the Companies Act, 2013.
BOARD EVALUATION
The board of directors has carried out an annual evaluation of its own
performance, Board committees and individual directors pursuant to the
provisions of the Act and the corporate governance requirements as
prescribed by Securities and Exchange Board of India ("SEBI") under
Clause 49 of the Listing Agreements ("Clause 49").
The performance of the Board was evaluated by the Board after seeking
inputs from all the directors on the basis of the criteria such as the
Board composition and structure, effectiveness of board processes,
information and functioning etc.
The performance of the committees was evaluated by the board after
seeking inputs from the committee members on the basis of the criteria
such as the composition of committees, effectiveness of committee
meetings etc.
The Board and the nomination and Remuneration Committee (NRC) reviewed
the performance of the individual directors on the basis of the
criteria such as contribution of the individual director to the Board
and committee meetings like preparedness on the issues to be discussed,
meaningful and constructive contribution and inputs in meetings etc.,
In addition, the Chairman was also evaluated on the key aspects of his
role.
In the separate meeting of independent Directors, performance of
non-independent directors, performance of the board as a whole and
performance of the Chairman was evaluated, taking into account the
views of executive directors and non-executive directors. The same was
discussed in the board meeting of that followed the meeting of the
independent Directors, at which the performance of the Board, its
committees and individual directors was also discussed.
Policy on directors' appointment and remuneration and other details.
The Company's policy on directors' appointment and remuneration and
other matters provided in Act has been disclosed in the corporate
governance report, which forms part of the directors' report.
Internal financial control systems and their adequacy
The details in respect of internal financial control and their adequacy
are included in the Management Discussion& Analysis, which forms part
of this report.
Audit committee
The details pertaining to composition of audit committee are included
in the Corporate Governance Report, which forms part of this report.
Particulars of loans, guarantees and investments
The particulars of loans, guarantees and investments have been
disclosed in the financial statements.
Extract of Annual Return
As provided under Section 92(3) of the Act, the extract of annual
return is given in Annexure A to the board's report in the prescribed
Form MGT-9, which forms part of this report.
Disclosure requirements
As per Clause 49 of the listing agreements entered into with the stock
exchanges, corporate governance report with auditors' certificate
thereon and management discussion and analysis are attached, which form
part of this report. The company has formulated and published a
Whistle Blower Policy to provide Vigil Mechanism for employees
including directors of the company to report genuine concerns. The
provisions of this policy are in line with the provisions of the
Section 177(9) of the Act and the revised Clause 49 of the Listing
Agreements with stock exchanges.
ACKNOWLEGEMENTS
We are thankful to all shareholders for their support, faith and
confidence in the company. Your directors place on record their sincere
appreciation for the guidance, support and co-operation of our
auditors, the legal advisors and bankers.
For and on behalf of the Board of Directors
Sd/-
Date : 13/08/2015 Vinod Bansal
Place: New Delhi Director
DIN: 00044111
Mar 31, 2014
To the Members,
Kinetic Trust Limited,
Ludhiana
The directors take great pleasure in bringing this Twenty Second
Annual Report on the business and operations of the company for the
financial year ended March 31, 2014.
FINANCIAL RESULTS
The financial highlights of the company in the financial year 2013-14
as compared to the previous year are tabled below for your
consideration:
Amount in RS (Lacs)
Particulars Current Year Previous Year
Sales 36.30 36.98
Other Income 2,36 2.13
Profit (Loss)Zbefore extraordinary Items and tax 10.39 8.76
Less extraordinary items - -
Profit/(loss) before tax 10.39 8.76
Dividend Nil Nil
PERFORMANCE OF THE COMPANY
The net profits of the company has shown slight increase in the current
year.The Directors of the company shall continue their endeavor to
further improve the trend of growth in the coming years.
AUDITORS
M/s S.P. Monga & Co., Chartered Accountants, who are the statutory
auditors of the Company, hold office till the conclusion of the
forthcoming AGM and are eligible for re-appointment. Pursuant to
theprovisions of section 139 of the Companies Act, 2013 and the Rules
framed thereunder, it is proposed to appoints.P. Mongafe Co as
statutory auditors of the Company from the conclusion of the
forthcoming AGM till the conclusion of the twenty-fifth AGM to be held
in the year 2017, subject to ratification of their appointment at every
AGM.
DIRECTORS
There was no change in the Directors during the year. The Company had,
pursuant to the provisions of clause 49 of the Listing Agreements
entered into with Stock Exchanges, appointed Mr. Ashok Juneja and Mr.
Vinay Aggarwal as Independent Directors of the Company.
As per section 149(4) of the Companies Act, 2013 (Act), which came into
effect from April 1, 2014, every listedcompany is required to have at
least one-third of the total number of directors as Independent
directors. In accordance with the provisions of section 149 of the Act,
these Directors are being appointed as Independent Directors to hold
office as per their tenure of appointment mentioned in the Notice of
the forthcoming Annual General Meeting (AGM) of the Company.
Mr, Rajesh Arora, Director, retires by rotation and being eligible has
offered himself for re- appointment.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to clause (c) of the provisions of Section 134(3) of the
Companies Act, 2013, the Directors hereby confirm the responsibility
for the integrity and objectivity of the Profit & Loss Account for the
year ended 31st March, 2014 and the Balance Sheet as at that date
("Financial Statements") and confirm that:
1. In the preparation of the annual accounts for the year ended March
31, 2014 the applicable accounting standards read with requirements set
out under schedule VI to the companies Act 1956 have been followed and
there are no material departures from the same.
2. We have selected such accounting policies that are reasonable,
prudent and applied them consistently and made judgments and estimates
so as to give a true and fair view of the state of affairs of the
company as at March 31, 2014 and of the profit of the company for the
year ended on that date.
3. We have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act 1956 for safe guarding the assets of the company and for
preventing and detecting fraud and other irregularities,
4. We have prepared the annual returns of the company on a going
concern basis.
5. We have laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and were
operating effectively,
6. We have devised proper systems to ensure compliance of all
applicable laws and that such systems were adequate and operating
effectively,
REGISTRATION WITH RESERVE BANK OF INDIA AS NBFC
The company is registered with the Reserve Bank of India as a NBFC
within the provisions of the NBFC (Reserve Bank of India) Directions,
1998,
INFORMATION PURSUANT TO THE PROVISIONS OF PARA 10 OF NON-BANKING
FINANCIAL COMPANIES (RBI) DIRECTIONS, 1977
Neither the Company has accepted any Public Deposits during the year
nor the Company is holding prior Public Deposits, therefore the
information called for is not applicable.
LOANS, INVESTMENTS AND GUARANTEE:
The loans and investments of the company for the year ended 31.03.2014:
Particulars Amount (in Rs.) Amount (in Rs.)
Investment in equity instrument
Chilka Fin Trade Pvt. Ltd (1,00,000 1000.000 -
shares of Rs. 10 each)
VishamberSahai Fin Pvt. Ltd.( 30,000 1100.000 2100.000
shares of Rs. 10 each)
Unsecured loans and advances
* Hindson Warehousing 204,603
* Kinsoft Solutions Pvt. Ltd, 33,000
 Santosh Kumar Diwedi 50,000
* Vinay Pal Jain 875.783
* Hindustan Rasayan Pvt. Ltd. 3,090,142 4,253,528
Total 6,353,528
AUDITORS REFORT
There are no adverse remarks in the Auditors'' Report need to be
discussed. The notes referred to by the auditors in their report are
self-explanato''ry and therefore these do not call for any future
comments on the Auditors Report under section 134 of the Companies Act,
2013,
CONSERVATION OF ENERGY, TECHNOLOGY ABSORBTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The company is a NBFC, therefore the information with regard to
conservation of energy, technology absorption as required by the
Companies (Accounts) Rules,2014 relating to conservation of energy and
technological absorption do not apply and hence no disclosure is being
made in this report.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
Particulars Current Year Previous Year
2013-2014 2012-2013
a) Foreign Exchange Inflow Nil Nil
b) Foreign Exchange Outflow Nil Nil
RISK MANAGEMENT
The company has laid down procedures to inform board members about the
risk assessment and minimization procedures. The board annually
discusses the significant business risks identified by the management
and the mitigation process being taken up. Further, a risk management
committee comprising senior management is in place for review of risk
management on a periodical basis, the summary of decisions of which
shall be reviewed by the business committee on a periodical basis. A
detailed note on the risk identification and mitigation is included in
management discussion & analysis, annexed to the director''s report.
CORPORATE GOVERNANCE REPORT, MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The company has strictly followed and practiced the well-defined
Corporate Governance policies in the interest of all stakeholders and
is committed to maintain the standards of corporate governance. Towards
this end the company has been fair, transparent, accountable and
efficient at all levels.
As per clause 49 of the Listing Agreements entered into with the Stock
Exchanges, Corporate Governance Report with auditors'' certificate
thereon and Management Discussion and Analysis are attached and form
part of this report.
OTHER INFORMATION
All other information pursuant to requirements of Section 134 of the
Companies Act, 2013 read 1 with the rules is either Nil or Not
Applicable.
ACKNOWLEGEMENTS
We are thankful to all shareholders for their support, faith and
confidence in the company. Your directors place on record their sincere
appreciation for the guidance, support and co-operation of our
auditors, the legal advisors and bankers.
Directors express their appreciation, co-operation and support extended
by various Authorities, Bankers and other business associates of the
Company.
For and on behalf of the Board of Directors
Sd/-
Date: 11th August, 2014 Vinod Bansal
Place: New Delhi Director
Mar 31, 2010
The directors take great pleasure in bringing this EIGHTEENTH Annual
Report on the business and operations of the company for the Financial
Year 2009-10.
FINANCIAL RESULTS
The financial highlights of the company in the financial year 2009-10
as compared to the previous year are tabled below for your
consideration:
Amount in Lacs
PARTICULARS CURRENT YEAR PREVIOUS YEAR
Sales 0.00 0.00
Other Income 24.05 18.33
Profit (Loss)/before Depreciation /
Amortization 6.53 4.85
Dep. / amortization etc. 0.74 1.35
Profit/(loss) before tax 5.79 3.49
Dividend Nil Nil
PERFORMANCE OF THE COMPANY
The company concentrated on its main business activity of corporate
consultancy and financial services. The company results have improved
in a modest way as compared to previous year results. On the basis of
its professional strength and expertise in consultancy the company
proposes to make all its efforts to sustain the trend of growth at a
good pace in the coming years.
AUDITORS
The Auditors M/s S.P. Monga & Company, Chartered Accountants retire at
the ensuing Annual General Meeting and have confirmed their eligibility
and willingness to accept office, if reappointed. Your directors
recommend their appointment.
DIRECTORS
There was no change in the Directors during the year. In accordance
with the provision of the Companies Act, 1956 and Articles of
Association of the Company Mr. Rajesh Arora retires at the Eighteenth
Annual General Meeting and being eligible offers himself for
reappointment.
DIRECTORS RESPONSIBILITY
The directors responsibility statement as required under section
217(2AA) of the Companies Act, 1956, reporting the compliance with the
accounting standards, is attached and forms a part of the directors
report.
REGISTRATION WITH RESERVE BANK OF INDIA AS NBFC
The company is registered with the Reserve Bank of India as a NBFC
within the provisions of the NBFC (Reserve Bank of India) Directions,
1998.
INFORMATION PURSUANT TO THE PROVISIONS OF PARA 10 OF NON- BANKING
FINANCIAL COMPANIES (RBI) DIRECTIONS, 1977
Neither the Company has accepted any Public Deposits during the year
nor the Company is holding prior Public Deposits, therefore the
information called for is not applicable.
PARTICULARS OF EMPLOYEES
The particulars required under section 217(2A)(b)(ii) of the Companies
Act, 1956 read with the companies (Particulars of the employees) Rules,
1975 as amended are not applicable as none of the employees of the
company is in receipt of remuneration more than the prescribed under
section 217(2A) of the companies act 1956 as amended and therefore no
information in this regard is required.
AUDITORS REPORT
The notes referred to by the auditors in their report are self
explanatory and therefore these do not call for any future comments on
the Auditors Report under section 217(3) of the Companies Act, 1956.
CORPORATE GOVERNANCE
The compliance with requirements of clause 49 of the Listing Agreement
with regard to Corporate Governance as per schedule prescribed by the
Stock Exchange is being taken care of.
MANAGEMENT DISCUSSION AND ANALYSIS
The management discussion and analysis report is attached and forms
part of this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORBTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The company is a finance company, therefore the information with regard
to conservation of energy, technology absorption as required by the
Companies (Disclosure of particulars in the board of directors) Rules
1988 relating to conservation of energy and technological absorption do
not apply and hence no disclosure is being made in this report.
OTHER INFORMATION
All other information pursuant to requirements of Section 217 of the
Companies Act 1956 read with the rules is either Nil or Not Applicable.
DIRECTORS RESPONSIBILTY STATEMENT
The directors accept the responsibility for the integrity and
objectivity of the Profit & Loss Account for the year ended 31 March,
2010 and the Balance Sheet as at that date ("Financial Statements") and
confirm that:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed along with the proper
explanations relating to material departures;
2. We have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the company at the end of the financial year and of the profit or loss
of the company for that period;
3. We have taken proper and sufficient care for the maintenance of
adequate Accounting records in accordance with the provision of the
Companies Act, 1956 for safeguarding the assets of the company and for
maintaining and detecting fraud and other irregularities;
4. We have prepared the annual accounts on a going concern basis.
ACKNOWLEGEMENTS
Your directors place on record their sincere appreciation of the
sustained and decided efforts put in by the employees at all the
levels. The company is also grateful to the bankers for their
continuing assistance and co-operation.
Your directors sincerely thank the shareholders of the Company for the
confidence reposed by them in the Company and for the continued support
extended by them to the company.
For and on behalf of the Board of Directors
Sd/-
Vinod Bansal
Director
Date : 29.06.2010
Place: New Delhi
Mar 31, 2009
The directors take great pleasure in bringing this SEVENTEENTH Annual
Report on the business and operations of the company for the financial
year 2008-09.
FINANCIAL RESULTS
The financial highlights of the company in the financial year 2008-09
as compared to previous year are tabled below for your consideration:
Particulars Current Previous
Year Year
Sales 0.00 0.00
Other Income 48.08 7.85
Profit (Loss)/before dep./amortization 3.2 (1.35)
Dep. / amortization etc. 1.45 1.45
Profit/(loss) before tax 1.83 (2.81)
Dividend NIL NIL
PERFORMANCE OF THE COMPANY
The company concentrated on its main business activity of corporate
consultancy and financial services. The company results have improved
in a modest way as compared to previous year results. On the basis of
its professional strength and expertise in consultancy the company
proposes to make all its efforts to sustain the trend of growth at a
good pace in the coming years.
AUDITORS
The Auditors M/s S.P Monga & Company, Chartered Accountants retire at
the ensuing Annual General Meeting and have confirmed their eligibility
and willingness to accept office, if reappointed. Your directors
recommend their appointment.
DIRECTORS
There was no change in the Directors during the year. In accordance
with the provision of the Companies Act, 1956 and Articles of
Association of the Company Mr. Ashok Kr. Juneja retires at the
Seventeenth Annual General Meeting and being eligible offers himself
for reappointment.
DIRECTORS RESPONSIBILITY
As per the requirement of section 217(2AA) of the companies act, your
directors confirm as under:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed along with the proper
explanations relating to material departures;
2. We have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the company at the end of the financial year and of the profit or loss
of the company for that period;
3. We have taken proper and sufficient care for the maintenance of
adequate Accounting records in accordance with the provision of the
Companies Act, 1956 for safeguarding the assets of the company and for
maintaining and detecting fraud and other irregularities;
4. We have prepared the annual accounts on a going concern basis.
REGISTRATION WITH RESERVE BANK OF INDIA AS NBFC
The company is registered With the Reserve Bank of India as a NBFC
within the provisions of the NBFC (Reserve Bank of India) Directions,
1998.
INFORMATION PURSUANT TO THE PROVISIONS OF PARA 10 OF NON-BANKING
FINANCIAL COMPANIES (RBI) DIRECTIONS, 1977
Neither the Company has accepted any Public Deposits during the year
nor the Company is holding prior Public Deposits, therefore the
information called for is not applicable.
PARTICULARS OF EMPLOYEES
The particulars required under section 217(2A)(b)(ii) of the Companies
Act, 1956 read with the companies (Particulars of the employees) Rules,
1975 as amended are not applicable as none of the employees of the
company is in receipt of remuneration more than the prescribed under
section 217(2A) of the companies act 1956 as amended and therefore no
information in this regard is required.
AUDITORS REPORT
The notes referred to by the auditors in their report are self
explanatory and therefore these do not call for any future comments on
the Auditors Report under section 217(3) of the Companies Act, 1956.
CORPORATE GOVERNANCE
The compliance with requirements of clause 49 of the Listing Agreement
with regard to Corporate Governance as per schedule prescribed by the
Stock Exchange is being taken care of.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORBTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The company is a finance company, therefore the information with regard
to conservation of energy, technology absorption as required by the
Companies (Disclosure of particulars in the board of directors) Rules
1988 relating to conservation of energy and technological absorption do
not apply and hence no disclosure is being made in this report.
OTHER INFORMATION
All other information pursuant to requirements of Section 217 of the
Companies Act, 1956 read with the rules is either Nil or Not
Applicable.
ACKNOWLEGEMENTS
Your directors place on record their sincere appreciation of the
sustained and decided efforts put in by the employees at all the
levels. The company is also grateful to the bankers for their
continuing assistance and co-operation.
Your directors sincerely thank the shareholders of the Company for the
confidence reposed by them in the Company and for the continued support
extended by them to the company.
For and on behalf of the Board
Sd/-
Date: 01.09.2009 Vinod Bansal
Place: New Delhi Director